MN20073 Cheat Sheet PDF

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Marke&ng Summary discuss what distribu(on/ communica(on/ pricing strategy X should use What communica(on/ distribu(on channels should X use first? How should X price the ini&al market offerings? ✓ • External: PESTLE: Poli&cal, Economic, Sociocultural, Technological, Ecological, Legal • Industry analysis: Porters 5 forces: Threat of market entry/ subs(tutes. Power of suppliers/ consumers. Rivalry consul'ng • Internal: BCG: Stars: growth stage product lifecycle, cash flow> investment what companies do be4er than others GROWTH/SHARE Ques(on marks: introduc&on stage, Invest heavily to increase market share, Cash cows: maturity stage, founda&on of a company, high profits low investment Dogs: end product lifecycle, ensure cash flow or liquidate • (External) Opportunity, threats Internal, SWOT: (Internal) Strengths, weaknesses, Enhances a company’s compe''ve positon, examines and iden'fies market growth opportuni'es, match a company’s resources to targeted market segments. SEGMENTATION iden&fy bases to segment the market, develop profiles of the segment • Goals: market heterogeneity, market homogeneity • Approach: breakdown: iden&fy groups with differences or build-up: iden&fy similari&es in the group • Bases: profile criteria, behavioural, psychological • Evalua(on: DAMP: dis&nct, accessible, measurable, profitable TARGETING evaluate segment aVrac&veness, select target segments, • How aVrac&ve is the segment? Does the firm have capabili&es to win in this segment? Is it willing to invest? • Approaches: Undifferen&ated, customised, differen&ated, focused, concentrated POSITIONING develop posi&oning for each segment, develop market offering • ‘the act of designing the companies offerings and image so that they occupy a meaningful and dis'nct compe''ve posi'on in the target consumers mind’ • Physical aIributes: func&onal capabili&es of a brand communica(on: the way in which a brand is communicated • Perceptual maps and reposi(oning strategies can be considered at this point. PRODUCT (branding) Levels: core (Generic)basic needs, Embodied (Expected) adds value, Augmented, non-func&onal added Product types: durable good, non-durable good, convenience, shopping, speciality. Unsought Build a brand: consumers iden&fy preferred, reduces risk and &me, mental associa&on is huge element manufacturers pricing premium, loyalty, reten&on, differen&ate from compe&tors differen(a(ng device, logos, brand name as cue, symbolism, values: func(onal, epistemic (new), semio(cs(signs) Brand types: manufacturer, distributor (store, private, label), generic (unbranded) Brand policies: individual branding, family branding, corporate branding What is the core selling proposi'on?, what is the product type and what decision making process is it typical for? In what stage of the product lifecycle is the product? What are the main func'ons performed by the brand? PROMOTION source-encoding-noise-message-noise-decoding-receiver Strategy: Push: create demand of customers, Pull: customers look for brands themselves Promo(on tools: adver&sing, sales promo&on, PR, DM, personal selling, Communica(on channel: broadcast, print, outdoors, DM, digital, Sources: TYPE :expert, opinion, leader, celeb CHOICE: ethical, knowledge, trust, RISK: overshadow, credibility What are the objec'ves of marke'ng communica'on? What sources should be used? Should the message appeal to a ra'onal mind or emo'onal or both? Whould any type of appeal be affec've, e.g. humour? PLACE Channel structure: direct, (p-c) indirect (p-i-c) mul&channel (both) Channel members: intermediaries, agents, brokers, wholesalers, franchises, retailers, distributors Market coverage: intensive- low involvement products, selec/ve- infrequent shopping prod, exclusive- individual approach Channel conflict: horizontal- intermediaries @ same level, ver/cal- ownership/financial issues, mul/channel- either Retailing: value (access, search possession transac&on), presence (physical loca&on of a store has advantages) types (Department/ discount/ convenience/ speciality stores, supermarkets) what func/ons should be performed by channels? Is there any reason for channel conflict? Is there need/opportunity for integra'on? PRICE Price strategy: premium-uniqueness. Penetra&on- set low to gain market share, economy - bare minimum, price skimming- ini&ally set high then lowered to increase sales Pricing approach: cost: cost of produc&ons, demand: how much customers will pay, compe(tor: value.. orientated Differen(ated: 1st: each customer separate price, 2nd: less to buyers of volume, 3rd: diff amounts to diff classes Tac(cs: list pricing, loss-leader, promo&onal, segmenta&on, pay what you want Reference: Fair price, typical price, upper bounds and lower bounds, historical prices and expected future Can any pricing tac'cs be par'cularly beneficial? is there need/opportunity for price differen'a'on? Are reference prices important? ✓ ✓

SITUATIONAL ANALYSIS, STP, PRODUCT PROMOTION PLACE PRICE, EVALUATION & CONTROLL...